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CIO and co-founder of a pioneering cryptocurrency VC fund Cyber Capital lists the reasons to avoid the SOL token as a long-term investment opportunity.
Centralization, SOL supply manipulations, ‘bad behavior’ of team: Investor slams Solana (SOL)
Mr. Bons has taken to Twitter to share a thread on the Solana blockchain and the SOL token. First, he stressed that SOL is the only blockchain that has gone down seven times in the past months.
1/25) Solana has far too many red flags
Blockchains should never have downtime
Yet SOL has gone down at least 7 times since I first spoke out!
A consequence of their own design decisions
There are many examples of lies, fraud & bad design
Exposing a pattern of bad behavior:
— Justin Bons (@Justin_Bons) July 22, 2022
As covered by U.Today previously, Solana (SOL) went through a series of downtimes in 2021-2022; its team had to restart the blockchain to restore the transaction confirmation process.
Then, the Solana (SOL) team repeatedly released false statements about SOL’s actual circulating supply. Mr. Bons recalled a SOL wallet with 13 million tokens unveiled by a third party.
Also, he added that Solana’s (SOL) statements about an unbelievably high peak throughput of the blockchain (reportedly, over 400,000 transactions per second) are very far from being true.
Solana’s (SOL) community responds
The very design of Solana’s (SOL) proof of history (PoH) consensus doesn’t look innovative to Mr. Bons. As Solana’s next block producer can be predicted, the blockchain becomes prone to a 51% attack combined with an attack against validators.
Last but not least, Mr. Bons claimed that Solana’s newly-announced Android smartphone Saga is just an attempt by Solana’s team to pivot and “cash out.”
At the same time, Solana’s developer @0xMert_, a former engineer for Coinbase and Blackberry, stated that all accusations by Mr. Bons have already been debunked.
For instance, all downtimes were associated with IDoS attacks by bots, while all Solana (SOL) consensus downtimes can also be found in the majority of proof-of-stake (PoS) blockchains.